In the real estate world, foreclosures can be a gold mine or a money pit. One way to go about finding one’s that will make you money is to find a pre-foreclosure in your market. Sometimes this is easier said than done.

The first place to look for a pre-foreclosure is online. Start doing your research on websites like Zillow.com. Zillow makes it simple to determine which homes are in pre-foreclosure (according to public records) and can help you locate them.

Another great way to find them is to use your connections. Talk to your friends in real estate and people in your neighborhood. Tactfully let people know you are looking for a distressed investment property opportunity and you’ll be surprised what comes your way.

A lot of investors choose to attend auctions to buy foreclosures after following a property through the pre-foreclosure process. However, if you are new to the auction scene be sure to take an experienced investor with you to help you navigate the competitive atmosphere of an auction.

Pre-foreclosures can be great deals if you can get your hands on them. Roll up your sleeves, dive in and start doing your research now and the right property is sure to come your way!

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